Peregrine Pharmaceuticals ( PPHM) is a clinical-stage biopharmaceutical company that develops and manufactures monoclonal antibodies for the treatment of cancer and viral infections. This stock is trading up 22.2% to 89 cents per share in recent trading. Today's Range: $0.76-$0.94 52-Week Range: $0.39-$2.26 Volume: 2.2 million Three-Month Average Volume: 875,371 Shares of PPHM are skyrocketing today in front of its quarterly earnings report, which is due out on July 16 after the market close. >>Hot Biotech Stocks Traded by Hedge Funds From a technical perspective, PPHM is soaring back above its 200-day moving average of 79 cents with heavy volume, and it's broken out above some near-term overhead resistance at 78 cents. If this momentum buying can continue, then PPHM could manage to trigger more near-term breakout moves. Those breakouts will hit once PPHM takes out $1.01 to $1.14 with high volume. Traders should now look for long-biased trades in PPHM as long as it's trending above its 200-day at 79 cents, and near its daily highs with strong upside volume flows. I would consider any upside volume day that registers near or above 875,371 shares as bullish. If we continue to see that action, then PPHM could take out $1.01 to $1.14 prior to its earnings report. On the flipside, I would avoid this stock if it moves back below 79 cents with heavy volume.
In trading on Thursday, shares of Peregrine Pharmaceuticals Inc.'s 10.50% Series E Convertible Preferred Stock were yielding above the 12% mark based on its quarterly dividend (annualized to $2.625), with shares changing hands as low as $20.34 on the day. As of last close, PPHMP was trading at a 11.40% discount to its liquidation preference amount.